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UPDATED: Nigeria’s inflation rate rises to 33.8% as rise in food prices persists

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The National Bureau of Statistics says Nigeria’s inflation rate was 33.88 percent in October — up from 32.7 percent in September.

 

The data is captured in the NBS’ latest consumer price index (CPI) report for October published on Friday.

 

The CPI measures the rate of change in prices of goods and services.

 

The data bureau said the headline inflation rate in October rose by “1.18% points when compared to the September 2024 headline inflation rate”.

 

“On a year-on-year basis, the Headline inflation rate was 6.55% points higher than the rate recorded in October 2023 (27.33%),” NBS said.

 

“This shows that the Headline inflation rate (year-on-year basis) increased in October 2024 when compared to the same month in the preceding year (i.e., October 2023).

 

“Furthermore, on a month-on-month basis, the headline inflation rate in October 2024 was 2.64%, which was 0.12% higher than the rate recorded in September 2024 (2.52%).

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“This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024.”

 

‘INCREASE IN RICE, YAM PUSHED FOOD INFLATION RATE TO 39.16%’

The NBS also said the food inflation rate in October surged to 39.16 percent, compared to 33.77 percent in September.

 

On a year-on-year basis, the food inflation rate was 7.64 percent higher compared to the rate recorded in October 2023 (31.52 percent).

 

“The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items: guinea corn, rice, maize grains, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil, etc (Oil and Fats Class) and Milo Lipton, Bourvita, etc (Coffee, Tea & Cocoa Class),” the bureau added.

 

The statistics firm also said the month-on-month food inflation rate in October was 2.94 percent, showing a rise of 0.3 percent compared to the 2.64 percent recorded in September.

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“The rise can be attributed to the rate of increase in the average prices of Palm Oil, Vegetable oil, etc (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc (Fish Class), Dried Beef, Goat Meat, Mut-ton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc (Bread and Cereals Class),” the NBS said.

 

“The average annual rate of food inflation for the twelve months ending October 2024 over the previous twelve-month average was 38.12%, which was an 11.79% point increase from the average annual rate of change recorded in October 2023 (26.33%).”

 

The report also said Sokoto state (52.18 percent), Edo (46.55 percent), and Borno (45.85 percent) spent more on food in October, while Kwara (31.68 percent), Kogi (33.30 percent) and Rivers (33.87 percent), recorded the slowest rise in food inflation on a year-on-year basis.

 

On the other hand, Adamawa (5.08 percent), Sokoto (4.86 percent), and Yobe (4.34 percent) states had the highest food inflation month-on-month.

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According to the NBS, such as Kwara (1.11 percent), Ondo (1.31 percent) and Kogi (1.50 percent) recorded the slowest rise in food inflation in October 2024.

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UK unveils programme for Tinubu’s state visit

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The United Kingdom government has unveiled the programme for the state visit of President Bola Tinubu, scheduled to take place from March 17 to 19. 

According to the itinerary, the visit will be hosted at Windsor Castle and will include bilateral meetings, ceremonial events and engagements with members of the Nigerian diaspora.

Preparations for the visit are scheduled for March 17, with security sweeps, road closures and procession rehearsals taking place ahead of the president’s arrival.

Tinubu will officially arrive the UK on March 18 and will be received by Prince William and Catherine, Princess of Wales.

A ceremonial welcome will follow on Datchet road, including the playing of national anthems and a guard inspection.

The president will then proceed in a carriage procession to Windsor Castle, where he will be received by King Charles III and Queen Camilla.

The schedule also includes a formal reception, a 21-gun salute and a state luncheon at St George’s Hall.

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Later in the day, Tinubu is expected to hold bilateral meetings with UK officials focusing on trade, security, migration and port development.

The day will conclude with a cultural exchange event showcasing Nigerian artefacts, followed by a state banquet hosted at Windsor Castle.

On March 19, the Nigerian president will hold a private breakfast with the king and queen before departing for London.

While in London, Tinubu is expected to lay a wreath at the The Cenotaph in Westminster.

He will also meet with Keir Starmer, UK prime minister, at 10 Downing Street, for bilateral discussions and a woking lunch.

Other engagements include a meeting with members of the Nigerian diaspora and the signing of bilateral agreements at Buckingham Palace.

The visit will conclude with Tinubu’s departure from RAF Northolt for Nigeria.

The trip marks Nigeria’s first full state visit to the UK in 57 years.

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Four dead, many injured as truck runs into fully-loaded commercial bus in Lagos

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Four passengers have died while many others are seriously injured following a road accident involving a truck and a commercial mini bus along the Lekki–Epe expressway.

The Lagos State Traffic Management Authority (LASTMA) said the accident occurred “over the weekend” opposite Beechwood in Shapati, inward Ajah.

In a statement issued by Adebayo Taofiq, spokesperson of the agency, the traffic agency said the crash involved a HOWO truck with registration number KNN 313 YL and a Suzuki commercial mini bus popularly known as ‘korope’.

According to the agency, preliminary findings indicated that the driver of the truck lost control of the vehicle which then veered across the road, crashing into the oncoming commercial bus conveying passengers.

LASTMA said the impact of the collision killed four male passengers instantly, while four other occupants — two males and two females — sustained severe injuries after getting trapped in the wreckage.

The agency said its personnel arrived at the scene promptly and rescued the injured victims from the mangled vehicle with the support of other emergency responders and passersby.

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The injured passengers were taken to Hamon Royal Hospital for medical treatment, while the bodies of the deceased were deposited at the Shency Hospital morgue by an ambulance belonging to the Federal Road Safety Corps.

Officers of the Nigeria police force attached to the Elemoro police division also secured the accident scene and managed traffic during the rescue operation.

LASTMA added that the driver of the truck and his motorboy fled the scene after the crash.

Olalekan Bakare-Oki, general manager of LASTMA, expressed condolences to the families of the victims and wished the injured speedy recovery.

He also urged motorists, particularly drivers of articulated vehicles, to adhere to traffic safety regulations and exercise caution to prevent road accidents.

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ADC faction fixes April 3 for national convention

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A faction of the African Democratic Congress (ADC) has announced April 3 to 5 as the date for the election of new members of the national working committee (NWC).

In a statement issued on Sunday, the ADC faction said party executives at the ward, LGA, state, and national congresses will be elected through consensus.

In a timetable outlining activities leading up to the national convention, the party said ward congresses will take place on March 19, followed by LGA congresses on March 24, and state congresses on March 28.

The group said the decision was taken to promote unity, inclusivity, and internal cohesion.

“This decision is taken in accordance with the party’s constitution and the Electoral Act 2026 (as amended), in furtherance of its commitment to promoting unity, cohesion, and inclusiveness within the party,” the statement reads.

“The BOT/NWC believes that the consensus approach will foster greater cooperation, understanding, and collective leadership, ultimately strengthening the party’s ability to achieve its goals and objectives.”

The ADC faction also announced the commencement of a membership registration exercise for new members, which will run from March 14 to 25.

The party said new members are expected to register at their respective ward offices and obtain membership cards through the party’s continuous membership registration committee (CMRC).

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“This exercise is strictly for new members; existing members are not required to renew their membership at this time,” the party said.

The group said issues arising from the various congresses would be addressed accordingly, with petitions from the national convention expected to be resolved between April 6 and 10.

The party faction distanced itself from the ongoing electronic membership mobilisation, registration, and revalidation exercise being conducted by the ADC coalition led by David Mark

The group said the exercise does not follow the procedures outlined in the party’s constitution, adding that the official online membership registration portal would be released later through the party’s authorised channels.

The statement was jointly signed by Nafi’u Bala, the factional national chairman, and Rufus Ikanmi, secretary of the board of trustees (BOT).

The ADC coalition, led by Mark, had earlier  scheduled April 14 for the election of the party’s national officers. 

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